International conferenceA comprehensive approach to NPL resolution – international experiences

May 15–16, 2018Venue: Austrian Ministry of Finance, Johannesgasse 5, 1010 Vienna, Austria

WWW.WORLDBANK.ORG/FINSAC

Agendaagenda / Day 1

DAY 1

08:30 – 09:00 Registration and welcome breakfast & coffee

09:00 – 09:15 Word of welcome Linda Van Gelder, Country Director for Western Balkans, The World Bank Group

09:15 – 09:25 Opening Miquel Dijkman, FinSAC Coordinator, The World Bank Group

09:25 – 09:50 Keynote speechAlfonso Garcia Mora, Director, Finance, Competitiveness & Innovation (FCI) Global Practice, The World Bank Group

Session 1. Latest regulatory and supervisory developments

International standard setting bodies and regulators around the world have increasingly focused on the identification, recognition, and classification of non-performing assets and forborne assets. This session discusses the latest regulatory and supervisory develop-ments and their impact on banks.

Moderator: Jarett Decker, Centre for Financial Reporting Reform (CFRR), The World Bank Group

10:00 – 10:20 ECB Guidance to banks on NPLsSpeaker: Sharon Finn, European Central Bank

10:20 – 10:40 IFRS 9: Impact on banks Speaker: Tony Clifford, Ernst & Young, EMEIA Financial Services, UK

10:40 – 11:00 Regulatory developments - EBA perspectiveSpeaker: Oleg Shmeljov, European Banking Authority

11:00 – 11:20 Prudential policy considerations of NPLs and expected loss provisioningSpeaker: Katia D’Hulster, Finance, Competitiveness & Innovation (FCI), The World Bank Group

11:20 – 11:45 Discussion

11:45 – 13:00 Lunch

Session 2. The Work-Out Unit - NPL resolution at individual bank level

The management and resolution of large volumes of NPLs poses considerable challenges for commercial banks, that need to set up an operational framework covering the various stages of the NPL workout process. This session discusses several key features of such an operational framework, drawing on international experiences.

Moderator: Bojan Markovic, Economics, Policy & Governance, EBRD

13:00 – 13:20 A holistic approach to NPL resolutionSpeaker: Karlis Bauze, FinSAC, The World Bank Group

13:20 – 13:40 NPL resolution at bank level – the Slovenian experience with MSME NPL resolution Speaker: Darko Torkar, Banking Supervision, Bank of Slovenia

13:40 – 14:00 The Workout Unit – a practitioner’s perspectiveSpeaker: Teodora Petkova, UniCredit Bulbank, Bulgaria

14:00 – 14:30 Discussion

14:30 – 15:00 Coffee break

Session 3. Government-led approaches towards NPL resolution

In response to a system-wide increase in NPL levels, several countries have created gov-ernment-assisted programs and mechanisms to promote the off-loading of NPLs, includ-ing through the establishment of limited-life, specialized asset management companies (AMCs). This session discusses international experiences with AMCs, and the prerequisites for their effectiveness.

Moderator: Adam Gersl, Joint Vienna Institute (JVI)

15:00 – 15:20 International experiences with AMCsSpeaker: Caroline Cerruti, Finance, Competitiveness & Innovation (FCI), The World Bank Group

15:20 – 15:40 Danaharta, MalaysiaSpeaker: Hamidy Hafiz, Corporate Debt Restructuring Committee (CDRC), Malaysia

15:40 – 16:00 Lessons learned from the work of DUTBSpeaker: Imre Balogh, Bank Asset Management Company, Slovenia

16:00 – 16:30 Discussion

16:30 – 16:45 Closing of Day I

18:30 – 20:00 Dinner Venue: The Parlor restaurant at Intercontinental Wien (Johannesgasse 28, 1030 Wien)

LinDa Van GeLDeRRegional Director for Western Balkans, the World Bank Group

Linda Van Gelder is the World Bank’s Regional Director for Western Balkans, joining the position in July 2017 and is based in Vienna, austria. in this position, she is responsible for leading the dialogue on economic reform with the six countries of the Western Balkans, developing the World Bank’s country strategies, managing the World Bank portfolio, coordinating with partners, and engaging in outreach on economic growth and poverty reduction in the Western Balkans. Prior to this position, Ms. Van Gelder was the Director of Strategy and Operations for equitable Growth, Finance and institutions Practice Group, covering the Macroeconomic and Fiscal Management, Finance and Markets, trade and Competitiveness, Poverty and equity, and Governance Global Practices.

Ms. Van Gelder joined the World Bank in 1994. Her regional and country work has ranged across economic management, governance, and poverty reduction issues. She has also held several corporate positions, including leading the development of fi rst World Bank Group strategy (2013) and as the Director for Operational Policy and Quality.

Ms. Van Gelder has a PhD in economics from Cornell University.

MiQUeL DiJkManLead Financial Sector Specialist, FinSaC Coordinator, the World Bank Group

Mr. Miquel Dijkman is a Lead Financial Sector Specialist in the Finance and Markets Global Practice of the World Bank, and is currently the Coordinator of the Vienna Financial Sector advisory Center (FinSaC). Since joining the World Bank, his work program has covered a broad range of topics and diff erent countries. He has also conducted and led many technical assistance missions covering a highly diverse range of countries and topics, including banking supervision and regulation, crisis preparedness and crisis management, cross-border supervision and systemic risk analysis. He has participated in twelve Financial Sector assessment Programs (FSaPs), including the ongoing 2017 China FSaP Update, which he has led on behalf of the World Bank.

Prior to joining the World Bank, he worked in several business areas of the Central Bank of the netherlands; including Monetary and economic Policy, Financial Stability and Financial Conglomerate Supervision. He also worked at the european Central Bank as a national Central Bank expert. Mr. Dijkman holds graduate degrees from Radboud University in both international economics and in development studies.

aLFOnSO GaRCia MORaDirector, Finance, Competitiveness and innovation, the World Bank Group

alfonso Garca Mora joined the Bank in January 2013 as a Lead Financial Sector Specialist in the World Bank’s Finance and Private Sector Development Vice Presidency. Currently, he is the Director for the Finance, Competitiveness and innovation (FCi) Global Practice with direct responsibility on LaC and eCa regions, fi nancial stability and integrity, and long term fi nance global teams. in april 2016, alfonso became Director for the Finance and Markets Global Practice at the World Bank Group (WBG), having been Practice Manager for Latin america and the Caribbean before. Since he joined the WBG, alfonso has led various projects in Latin america, east asia Pacifi c, Middle east and eastern europe advising Governments, supervisors and regulators in projects related to fi nancial sector development, access to fi nance, banking crisis and resolution, capital markets and fi nancial regulation. alfonso has participated in a number of Financial Sector assessment Programs (FSaP) as mission chief and specialist. Currently he represents the WB in diff erent committees of the Financial Stability Board (FSB).

Prior to joining the Bank, alfonso had a successful career in the private sector at analistas Financieros internacionales Consulting Group, and held the position of Partner Managing Director from 2007 - 2012. alfonso holds a PhD in economics from Universidad autonoma de Madrid, a Master’s Degree in Finance at the Catholic University of Leuven and has also served as a visiting PhD student at Boston University. He has lectured and published extensively on banking and fi nancial sector issues.

JaRett DeCkeRHead, Center for Financial Reporting Reform (CFRR), the Word Bank Group

Jarett Decker, a U.S. CPa and lawyer, is Head of the World Bank’s Centre for Financial Reporting Reform (CFRR) in Vienna, austria. at the CFRR, Mr. Decker leads a team of experts providing technical assistance to reform financial reporting in transitional, middle-income, and emerging market economies. Clients include finance ministries, central banks, securities regulators, public oversight boards, professional accountancy organizations, and universities.

Before joining the Bank, Mr. Decker was Deputy Director and Chief trial Counsel for the Public Company accounting Oversight Board (PCaOB), which regulates auditors of U.S.-listed companies. as the first person to serve in this role, he established and led the PCaOB’s program of disciplinary litigation. He has also served as Senior trial Counsel for the U.S. Securities and exchange Commission (SeC).

SHaROn Finn

advisor: Credit Risk and nPL Resolution, european Central Bank

Sharon Finn is an experienced Credit Risk advisor and Project Management coordinator working within DGMS2 of the european Central Bank. Since joining the european Central Bank, her work program has covered a broad range of Credit Risk topics across a number of countries including risk identification, nPL’s, provisioning, collateral valuation, forbearance, strategic plans and reporting. She is a member of the project management team of the eCB nPL taskforce and has responsibility for coordinating a specific workstream of the taskforce focused on bank specific activities.

Prior to joining the eCB, she worked in the Central bank of ireland (CBi) in the area of credit risk and macro prudential projects including the CBi Macro prudential lending guidelines. Prior to joining the public sector, Sharon worked for many years in Commercial banking roles in the irish banking sector. this involved working both in Risk departments and also on the front line as a Credit Portfolio Manager of a distressed Commercial Portfolio focused on the restructuring of non-performing loans/provisioning assessments across a wide range of industry sectors.

tOny CLiFFORDSenior technical Partner, ey

tony Clifford is ey’s senior technical partner in the Uk and a member of the firm’s global iFRS policy committee. He co-chairs our global iFRS financial instruments network and so leads our activities in implementing iFRS 9. He is the advisor to the iSDa european accounting Committee and works with banks in the Uk and across the world in implementing changes in iFRS and determining the accounting treatment of com-plex transactions. in 2012 he advised the iiF on the restructuring of Greek Government debt.

For many years, tony audited banks, including UBS, aBn aMRO and Morgan Stanley.

OLeG SHMeLJOVPolicy expert, european Banking authority

Oleg Shmeljov is a Senior Policy expert in the eBa Department of Banking Markets, innovations and Consumers, where he is currently involved in the topics of loan origination and nPL. Before assuming this portfolio, Oleg worked over the years in the fields of supervisory convergence, Pillar 2 and supervi-sory review and evaluation process (SReP) related policy development and assessment work. Prior to joining the eBa predecessor, Committee of european Banking Supervisors (CeBS), Oleg worked at the estonian Financial Supervisory authority, where he was institutional supervisor for one of the largest banks, and was also involved in the policy development issues in the field of supervisory risk assess-ment and crisis management. Before joining the supervisory community, Oleg worked in various risk management roles in a commercial bank. Oleg holds MSc degree in economics from tallinn University of technology.

kaRLiS BaUzeSenior Financial Sector expert, FinSaC, the World Bank Group

Mr. karlis Bauze is a Senior Financial Sector expert at FinSaC, the World Bank Group (WBG) based in Vi-enna with the primary area of expertise in non-performing loans. Prior joining the WBG in april 2016, he held a position of Policy analyst at the european Commission (eC) in athens (Greece) and was an eC ob-server at the Hellenic Financial Stability Fund (executive Board and General Council). He took an active participation at the work of troika’s (iMF, eC, eCB) financial team by drafting and working on the Greek economic adjustment program for three years (2013-2015). Prior that he was heading the Monetary Policy and Financial Stability Department at the Bank of Latvia (central bank) for five years. During this assignment, he (i) was actively participating at the work of the Governor’s Office, (ii) was eFC (sher-pa committee for eCOFin – meeting of european Finance Ministers) member, (iii) was working on the economic adjustment program of Latvia (no currency devaluation but internal devaluation – structural reforms), and (iv) was contributing to the financial stability in Latvia. Before the work on monetary poli-cy and financial stability issues he spent more than 13 years in the financial markets area at the Market Operations Department of the Bank of Latvia (was Chief Dealer for reserves management). karlis holds Master’s Degree in Finance from the University of Latvia and has passed the CFa exam.

katia D’HULSteRLead Financial Sector Specialist, the World Bank Group

katia D’Hulster is a Lead Financial Sector Specialist at the World Bank and the former FinSaC Coor-dinator. Her current role consists of providing technical assistance in the area of prudential regulation and supervision to supervisory agencies and central banks in east asia and Pacific region. Before joining the World Bank in 2009, Ms. D’Hulster was a Senior Manager with the australian Prudential Regulation authority (aPRa) in charge of the prudential supervision of one of the four major conglomerate groups in australia. During that period, Ms. D’Hulster was seconded to the Bank for international Settlements (BiS) in Basel to develop a risk management strategy and policy for the BiS Board.

Ms. D’Hulster graduated from the Free University of Brussels with a Doctorate in applied economics, Business engineering. She passed the professional exams of certified external auditor in Belgium and holds the Global association of Risk Professionals (GaRP) Financial Risk Manager (FRM) and Profession-al Risk Managers’ international association (PRMia) risk management qualifications.

BOJan MaRkOViCDeputy Director, the european Bank for Reconstruction and Development (eBRD)

Bojan Markovic is Deputy Director for Sector economics and Policy in the economics, Policy and Governance Department of VP Policy and Partnership at the eBRD. He is a member of the Steering Committee of the Vienna initiative and leads the nPL initiative

He holds Ph.D. and M.Sc. in economics from the University of Birmingham (Uk), and B.Sc. from the Belgrade Faculty of economics.

Mr Markovic began his central banking career in 2000 at the Bank of england (London), working on monetary analysis and financial stability. He was in charge of the official model for forecasting Uk inflation. in 2008, he moved to Goldman Sachs, where he was an executive director in private wealth management, focusing on investment strategies for exchange rates, short- and long-run interest rates, and equities, mainly in G10 countries.

From 2009 to September 2012 Bojan Markovic was the Vice Governor of the national Bank of Serbia in charge of monetary policy, financial markets and payment systems. Until november 2013, he was visiting scholar in the iMF, and external expert on several iMF missions. He is also an Honorary Senior Visiting Fellow at the University of Birmingham.

DaRkO tORkaR Head of analysis and Methodology, Banking Supervision, Bank of Slovenia

Darko torkar is a financial professional with skills in treasury operations, investment banking, asset management and banking supervision. He graduated at Faculty of economics in Ljubljana. His pro-fessional career started by joining Ljubljanska banka in the currency trading department and money market operations. He has worked for different financial instiutions in Slovenia since, always starting new and challenging projects. it was establishment and heading the team for foreign exchange reserve management in Banka Slovenije. than he moved to Ljubljana Stock exchange as project manager to organize derivatives trading and he continued he work as director of trading supervision and analysis department. He followed the next challenge in kapitalska družba to head asset management of stocks porfolio and later to work as head of treasury operations for the newly established pension funds managed by the same institution. He moved to banking for the second time when he took the position of executive director of treasury, investment banking and payments division in Deželna banka Slovenije. in the process of bank’s reorganization process in the period of financial crisis in Slovenia he found new challenges in restructuring of non-performing loans. the project of supervisory approach to manage-ment of nPLs was his first assignment when he returned to Banka Slovenije in 2014. He has worked as head of section of analysis and Methodology in Banka Slovenije since 2015. Section engages in the analysis of bank’s risks, banks’ business models and in supervisory methologies.

teODORa PetkOVaChief Risk Officer, Management Board Member of UniCredit Bulbank aD, Bulgaria

Mrs. teodora Petkova is the CRO of the biggest commercial bank in Bulgaria, with 17+ years of risk management experience. She is also a member of the Supervisory Board of UniCredit Consumer financing eaD (among the market leaders for consumer financing) and also used to be a member of the Management Board of the factoring subsidiary.

Prior taking the CRO position, teodora Petkova has held various managerial positions in the Credit Risk area and has also worked in the business area, as FVP, Head of the international Center of UniCredit in Bulgaria, responsible for the maintaining and developing the commercial relations with international and multinational corporates.

Mrs. Petkova holds dual executive MBa degree with scholarship from WU executive academy-Vienna, austria and Carlson Business School of University of Minnesota.

aDaM GeRšLSenior economist, Joint Vienna institute

adam Geršl joined the JVi as a Senior economist in June 2012. Before assuming this position, he was Deputy Director of the Financial Stability Department in the Czech national Bank where he focused on macroprudential policy, analyses of banks and financial markets, banking regulation and stress testing and acted as a representative in various international working groups and task forces in europe. He also worked in the Czech central bank as a Senior economist in the economic Research Department, as an adviser to the Vice-Governor and as an assistant to the Governor. in 2004-2006 he worked for the eu-ropean Central Bank. He studied in Prague, konstanz and Freiburg and holds a Ph.D. in economics from the Charles University in Prague. in his research, he focuses on financial stability and macroprudential policy issues and he also provides technical assistance in these areas for various countries under the iMF, World Bank, UnDP and SeCO programs.

CaROLine CeRRUtiSenior Financial Sector Specialist, the World Bank Group

Caroline Cerruti is a Senior Financial Sector Specialist in the africa region of the World Bank. She works primarily on housing and infrastructure finance, financial sector restructuring issues (asset quality reviews, asset management companies, bank resolution), and financial inclusion. She has been involved in various financial sector assessments (FSaP) jointly with the iMF.

She has authored among others “asset Management Companies, a toolkit” (2016) and Dealing with distressed financial cooperatives, a Caribbean experience (2015)”.

Before joining the World Bank, Caroline worked for the French treasury on trade and financial regulation issues, and for three years as a banker in the european Bank for Reconstruction and Development. Caroline was educated at the institute of Political Science in Paris (Sciences-Po), the ecole nationale d’administration (ena) in Paris, and is a CFa Charterholder.

HaMiDy HaFizChairman, Corporate Debt Restructuring Committee (CDRC), Malaysia

Hamidy has more than 30 years of banking experience in the field of Commercial Banking, investment Banking and islamic Banking. During the asian Financial crisis of 1998, Hamidy was called upon by the Government to assist in the establishment of the national asset management company “Danaharta” tasked to help resolve the mounting non performing loans. He was the Managing Director of Danaharta from 2000 to 2003.

in 2003 his expertise was again called upon to do another national service given the tasked to turned around a highly distressed and ailing government owned commercial bank. Hamidy is currently the Chairman of the Corporate Debt Restructuring Committee (CDRC) established by Central Bank of Malaysia to help resolve large chunky distressed loans extended by multiple banks to a single corporate borrower. He is also concurrently a Director of one of the largest bank in Malaysia and Chairman of an islamic Bank.

iMRe BaLOGHCeO and executive Director, Bank asset Management Company (DUtB d.d.)

Dr. imre Balogh is CeO and executive Director of the Bank asset Management Company (DUtB d.d.) since October 2016. Before that, he was acting CeO since October 2015 and a non-executive Director of DUtB since april 2015 and was also managing as President & CeO the orderly wind-down of Probanka d.d., Maribor between September 2013 and October 2015. Previously, Dr.Balogh worked as advisor and member of the Strategy Committee of the Supervisory Board, First Ukrainian international Bank, kiev.

Prior to that he held positions in sequence as Chief Strategist, CFO, Chief Risk Officer, Chief Business Officer, in MkB Bank Hungary, and was Chairman/Board member in banks, finance, brokerage and insurance companies in four Cee countries (1988-2012).His earlier experience in nPL management embraces deleveraging corporate and real estate portfolios in Hungary, Bulgaria and Romania after 2008, and a good bank/bad bank split in Romania (2009/10).

Dr. Balogh holds Masters and dr. univ. degrees in economics, PhD in regional sciences, and received executive education at Wharton and Harvard Business Schools.

International conferenceA comprehensive approach to NPL resolution – international experiences

May 15–16, 2018Venue: Austrian Ministry of Finance, Johannesgasse 5, 1010 Vienna, Austria

WWW.WORLDBANK.ORG/FINSAC

Agendaagenda / Day 2

DAY 208:30 – 09:00 Welcome breakfast & coffee

09:00 – 09:15 Word of welcomeHarald Waiglein, Director General, Economic Policy & Financial Markets, Federal Ministry of Finance, austria

Session 4. The enabling environment

An orderly resolution of NPLs requires sufficiently developed debt recovery mechanisms, that allows creditors to recover their claims in a timely and predictable manner. This ses-sion focuses on the legal and fiscal environment.

Moderator: Mahesh Uttamchandani, Finance, Competitiveness & Innovation (FCI), The World Bank Group

09:15 – 09:35 Importance of Legal aspects of NPL resolution (collective and individual, collateral enforcement, auctioning process)

Speaker: Andres F. Martinez, Finance, Competitiveness & Innovation (FCI),

The World Bank Group

09:35 – 09:55 The expected impact of the proposal for Restructuring and Second Chance Directive on NPLs

Speaker: Ondrej Vondracek, European Commission

09:55 – 10:15 Out of Court Restructuring Principles and alliance with Legal Framework

Speaker: Theodore Athanassopoulos, Alpha Bank, Greece

10:15 – 10:45 Discussion

10:45 – 11:15 Coffee break

Session 5. Sound collateral valuation and its impact on provisioning for NPLs

Collateral continues to play an important role in bank lending in most countries in ECA region. The effectiveness of collateral as a risk mitigant in the event of the borrower’s de-fault depends among others on appraisals that provide a realistic and conservative value. This session focuses on sound collateral valuation practices, and how such practices can promote more transparent and more robust loan provisioning.

Moderator: Mario Guadamillas, Finance, Competitiveness & Innovation (FCI), The World Bank Group

11:15 – 11:35 Collateral valuation – an appraisers’ perspectiveSpeaker: Krzysztof Grzesik, The European Group of Valuers Associations (TEGOVA)

11:35 – 11:55 Valuation methods in financial markets – a regulatory perspectiveSpeaker: Sharon Finn, European Central Bank

11:55 – 12:15 Spanish Mortgage collaterals appraisal system: methodology, reporting, appraisal companies, and supervisionSpeaker: Miguel Angel Lopez Gomez, Bank of Spain

12:15 – 12:45 Discussion

12:45 – 14:00 Lunch

Session 6. Developing markets for NPLs

Interest in Europe in developing markets for NPLs is increasing, which could open an addi-tional channel for the disposal of troubled assets. This session discusses the state of play as well as some of the current obstacles that prevent the further development of these markets.Moderator: Josep Julia, IFC / The World Bank Group

14:00 – 14:20 NPL markets in ECA – state of playSpeaker: Andreea Moraru, Financial Institutions, EBRD

14:20 – 14:40 Prerequisites for developing markets for distressed assetsSpeaker: Anete Daukste, KPMG, UK

14:40 – 15:00 NPL servicing platforms. Effectiveness of debt collection agencies in the regionSpeaker: Martin Machon, APS Holding

15:00 – 15:30 Discussion

15:30 – 15:45 Coffee break

Session 7. Country case studies

The resolution and management of NPLs is a multidimensional task that is best addressed in a comprehensive manner. This session reviews the experiences of two countries in facing these challenges. Moderator: Vanessa Koch, Federal Ministry of Finance, Austria

15:45 – 16:05 Practical lessons from the NPL resolution in LatviaSpeaker: Elmars Zakulis, Bank of Latvia

16:05 – 16:25 Lessons learned from the NPL Working Group in SerbiaSpeakers: Milan Kovač, Ministry of Finance of Serbia,Marija Ranđelović, National Bank of Serbia

16:25 – 16:45 Discussion

16:45 – 17:00 Closing remarksSpeaker: Miquel Dijkman, FinSAC Coordinator, The World Bank Group

HaRaLD WaiGLeinDirector General the austrian Ministry of Finance

Harald Waiglein is Director General for economic Policy, Financial Markets and Customs at the austrian Federal Ministry of Finance.

Mr. Waiglein joined the Ministry in 2007 and, after having worked in various areas including taxes and the political offices of two Ministers of Finance, was appointed Director General in 2012. His current responsibilities include ecofin and eurogroup affairs, international financial institutions, export credit agencies, development assistance, macroeconomic analysis and advice, financial markets regulation, and customs matters. His numerous international functions include the position of executive Director for austria at the european Stability Mechanism (eSM), where he also serves as a member of the Board Risk Committee. He recently has also been elected Chairman of the Board of Directors of the europe-an Financial Stability Facility (eFSF). Before joining the Ministry of Finance, Mr. Waiglein worked as a financial journalist and professional interpreter and translator. He obtained a master’s degree in finance and financial law from the University of London, and a master’s degree in interpretation and translation from the University of Vienna.

MaHeSH UttaMCHanDaniPractice Manager, SMe access to Finance and Financial inclusion, infrastructure & access, the World Bank Group

Mahesh Uttamchandani is the Practice Manager for SMe access to Finance and Financial inclusion, infrastructure & access in the Finance, Competitiveness, and innovation Global Practice at the World Bank Group. He manages Payment & Market infrastructures, Responsible Financial access, Credit in-frastructure, the global Financial inclusion Support Framework program, the global Financial Consumer Protection program. He also jointly leads (with an iFC co-Head) the Universal Financial access 2020 initiative. He was previously Practice Manager for SMe access to Finance and Credit infrastructure.

Mahesh also served as a Global Lead for Credit infrastructure Global Solutions Group, where he led the WBG’s work in the areas of secured transactions, credit reporting and insolvency, including the insol-vency and creditor/debtor rights initiative.

Mahesh joined the World Bank’s Legal Vice Presidency in 2006, and has since held various positions at both the World Bank and iFC.

Prior to joining the WBG, Mahesh worked at the eBRD and as a commercial litigator at a leading Cana-dian law firm.

Mahesh is a member of the executive Committee of CGaP, a board member of the legal journal, interna-tional Corporate Rescue, and a board member of inSOL international. He has published and taught at the university level and lectured extensively in north america, europe, and asia.

anDReS F. MaRtinezSenior Financial Sector Specialist, Financial access, Finance, Competitiveness & innovation Global Practice, the World Bank Group

andres F. Martinez is a senior financial sector specialist for the World Bank Group’s Finance and Markets Global Practice. Since 2011 andres has been advising several countries on debt-resolution reform, including on insolvency systems and debt recovery in eastern europe and Central asia, Latin america and the Middle east.

in his current position, he leads on behalf of the WBG Finance and Markets Global Practice the dialogue with several governments on technical issues related to debt resolution and insolvency.

andres is a lawyer by training with over 15 years of experience and a Magister in corporate law. He joined the World Bank Group in 2008 to lead the insolvency indicator of the World Bank-iFC Doing Business project.

Before joining the World Bank Group, andres worked as senior associate at the restructuring and litigation department of a top argentine law firm in Buenos aires for over 6 years, where he advised clients like Citibank, Visa, Unilever and other large domestic and international corporations in secured transactions, debt enforcement, restructurings and liquidations.

OnDReJ VOnDRaCekLegal and Policy offi cer, european Commission

Dr. Ondrej Vondracek Ph.D., LL.M. is a lawyer at the Civil Justice Unit of Directorate-General of Justice and Consumers of the european Commission. He specialises in the in the area of international insolven-cy, confl ict-of-laws, economic analysis of law and justice issues related to the functioning of capital markets. He participated in the elaboration of the 2016 Commission proposal for Directive on preven-tive restructuring, second chance and effi ciency of insolvency frameworks. earlier he worked in the area or consumer protection and in a private law fi rm. He graduated from the Charles University in Prague and holds an LL.M. degree in european law from the College of europe in Bruges.

tHeODORe atHanaSOPOULOSexecutive General Manager, non Performing Loans Wholesale Banking, alpha Bank, Greece

Mr. theodore athanasopoulos holds a Bachelor and an M.Sc. Degree in Banking and Financial Management from the Department of Banking and Financial Management of the University of Piraeus. He joined alpha Bank in 2000 and has served in Credit, Corporate and nPL Divisions. He was Manager of the Wholesale nPL Division from January 2011 until november 2014, when he was appointed executive General Manager of the Bank.

MaRiO GUaDaMiLLaS

Practice Manager, Finance, Competitiveness & innovation Global Practice, the World Bank Group Mario Guadamillas joined the World Bank (WB) in 1998. He is currently a manager in the Finance, Competitiveness & innovation Global Practice for europe and Central asia (eCa) region responsible for projects on a broad range of fi nancial and private sector areas. Before he was a global manager coor-dinating the joint iMF-WB Financial Sector assessment Program (FSaP), the WB participation in the Financial Stability Board (FSB) and tha assistance to countries in the banking regulation and supervi-sory area. Previously he was a Senior Financial economist for Latin america and the Caribbean, leading Bank operational work. Mario has numerous publications on fi nancial sector issues, notably on fi nancial infrastructure.

Before joining the WB, Mario was an economist in the Ministry of Finance of Spain at the Research Department. He also worked for the Central Bank of Spain as an economic and fi nancial analyst.

He has lectured at the Universidad autónoma, Universidad San Pablo CeU, Universidad alfonso X, Universidad europea de estudios Superiores and Universidad nacional de educación a Distancia, all in Madrid, in the areas of macroeconomy, economic policy, international economy and fi nancial system.

Mr. Guadamillas earned his M.a. and Ph.D. degrees in Business and economics respectively at the Uni-versidad Complutense and Universidad nacional de educación a Distancia in Madrid.

MiGUeL a. LóPezSenior Supervisor, Centralized Credit Risk analysis, Bank of Spain

Mr. Miguel a. López is a Senior Supervisor, Specialist in the Real estate and Mortgages risk of the Bank of Spain. Banking supervision advisor of the international Monetary Fund. its long experience in Banking supervision has covered all the areas, leading many “on site” inspections of different risk areas in a wide range of banks and financial companies, collaborate in banking regulation, technical advisory in Spanish Real estate sector and financial stability ti iMF and european authorities. expert in Real estate Valuation Methodology and in Spanish Real estate sector; has participate in the eBa (european Banking authority) tFMV Working Group on Models Valuation, regarding mortgage lending value technical standards, an is member of the Residential Real estate Risks assessment group, at SSM-eCB.

also has work as independent legal expert in Real estate valuations in the Spanish national High Court. Lecturer at several universities.

Mr. Lopez holds Master Degree in economics from Malaga University. is finishing its Doctorate in economics and Business administration from the Polytechnic of Valencia University.

SHaROn Finn

advisor: Credit Risk and nPL Resolution, european Central Bank

Sharon Finn is an experienced Credit Risk advisor and Project Management coordinator working within DGMS2 of the european Central Bank. Since joining the european Central Bank, her work program has covered a broad range of Credit Risk topics across a number of countries including risk identification, nPL’s, provisioning, collateral valuation, forbearance, strategic plans and reporting. She is a member of the project management team of the eCB nPL taskforce and has responsibility for coordinating a specific workstream of the taskforce focused on bank specific activities.

Prior to joining the eCB, she worked in the Central bank of ireland (CBi) in the area of credit risk and macro prudential projects including the CBi Macro prudential lending guidelines. Prior to joining the public sector, Sharon worked for many years in Commercial banking roles in the irish banking sector. this involved working both in Risk departments and also on the front line as a Credit Portfolio Manager of a distressed Commercial Portfolio focused on the restructuring of non-performing loans/provisioning assessments across a wide range of industry sectors.

kRzySztOF GRzeSik

Chairman of the Board of Directors, teGOVa

krzysztof Grzesik is a chartered surveyor, Polish qualified valuer and a Recognised european Valuer with 40 years experience as a property consultant in the Uk and mainland europe. after graduating in the Uk he first worked as a valuation surveyor at the Uk Government’s Valuation Office and then as a partner of kinney & Green, chartered surveyors in the City of London.

in 1991 he set up the real estate services arm of Price Waterhouse in Poland and was also involved in agency and property consultancy work in the Czech Republic, Hungary and Russia. in 1997 he joined Healey & Baker (Cushman & Wakefield) as a partner, responsible for investment agency and in 2000 he became managing partner of king Sturge Poland. in 2004, krzysztof set up Polish Properties Sp. z o.o.

krzysztof is currently the Chairman of the european Group of Valuers’ associations (teGoVa) and Vice President of the Polish Federation of Valuers associations (PFVa). He is also a past Chairman of RiCS europe. He is a co-author of the „Professional Standards for Polish Valuers” published by PFVa and the author of many publications concerning property valuation. He is a contributor to the appraisal institute’s reference book titled “Real estate Valuation in Global Markets”.

in recent years krzysztof has advised the Serbian Ministry of Finance as part of a USaiD Business enabling Project in connection with the drafting of a Real Property Valuers Law and Serbian Valuation Standards. He is currently involved in a similar project in kuwait as a consultant to the World Bank Group.

JOSeP JULiaGlobal Head, Distressed asset investment Group, international Finance Corporation (iFC)

Josep M. Julia is the Global Head of the Distressed asset investment Group of the international Finance Corporation (iFC) based in Washington DC. Mr. Julia manages iFC’s global business of acquisition and resolution of distressed assets and Special Situations, with deals in Latin america, eastern europe, asia, africa and Middle east, for a total amount in excess of US$5 billion. Mr. Julia leads the Group’s teams in Washington, Mexico, Sao Paulo, Bucharest, istanbul and Manila, in sourcing and structuring distressed asset transactions, as well as the subsequent active monitoring of the portfolios. Mr. Julia is active in the board of directors of several of the Group’s servicers globally.

Prior to joining the iFC, Mr. Julia worked at Lehman Brothers Private equity where he was involved in restructuring deals, monitoring some of the Private equity Fund’s portfolio companies as part of their Board of Directors, and identifying and analyzing new investment opportunities. Mr. Julia was also the Chief Operating Officer at iSOCO where he led the first financing round of the company, raising €20 million, the largest first financing round in Spain for a software company. Mr. Julia holds an M.B.a. with emphasis in Finance from nyU Stern School of Business and a B.a. in Finance from eSaDe escuela Superior de administracion y Direccion de empresas.

MaRtin MaCHOnCeO, aPS

Martin Machon has over 13 years of experience in the distressed debt management and advisory field and has been an integral part of aPS from its inception. He has been involved in all phases of the aPS development since its founding in 2004. Martin is the sole shareholder of aPS since 2015. Prior to establishing aPS, Martin Machon held management positions at Société Générale and Lucent technol-ogies.

anDReea MORaRUassociate Director - Senior Banker, european Bank for Reconstruction and Development

andreea Moraru is an associate Director - Senior Banker in the Financial institutions Group of eBRD with over 15 years of experience in leading, structuring, negotiating, and implementing of a wide range of debt and equity projects within the banking, insurance and leasing sectors in Cee, Russia, turkey and SeMeD. During this time she has served as board non-executive director on Prva Pension Fund in Slovenia, Uniqa in Croatia and Hungary, european Pension Fund Russia and Raiffeisen Bank aval in Ukraine. Currently she is responsible for investments in nPLs in the eBRD’s countries of operations. Before joining eBRD, she was involved in capital markets activities within the Ministry of Finance of Romania. andreea has an executive MBa from Cass Business School London.

anete DaUkSteassociate Director, Deal advisory, Portfolio Solutions Group, kPMG LLP

anete joined kPMG’s Portfolio Solutions Group in March 2015 from Lloyds Banking Group where she worked in the Bank’s in-house transaction and portfolio solutions team and focused on deleveraging bank’s remaining irish assets. at kPMG Portfolio Solutions Group anete covers Cee, See, Scandinavia and Greek markets

Prior that anete worked for 6 years at kPMG Baltics, transactions and Restructuring team. She has undertaken both sell-side, buy side advisory engagements, including loan portfolio due diligence, valuations, bank restructuring and non-core and non performing loan portfolio disposal execution across commercial, residential and consumer loans.

Before joining kPMG Baltics anete worked for almost 3 years at east Capital aB, the leading asset management and private equity firm investing in eastern europe, Russia, Balkans and asia.

eLMaRS zakULiSHead of Financial stability department, Bank of Latvia

Mr. elmars zakulis is heading Latvian central bank’s Financial stability department since its creation in 2014. His previous work experience is related to the financial and monetary sector. He joined Bank of Latvia as an economist in 2003 and worked at the Macroeconomic analysis and Financial Stability Divisions of Monetary Policy Department at a time when the central bank was increasingly concerned with the rapid credit expansion and the overheating Latvian economy. Just before the global financial crisis in 2007 he took the position of head of Financial Market analysis division and encountered the market turbulences and challenges to the stability of national currency of the time. in 2011 he was promoted to deputy Head of the Monetary Policy Department and took part in the country’s preparations to join euro area in 2014. He was also a member and later head of commission for setting the Latvian money market interest rate benchmark – RiGiBOR.

at present he is a member of the Financial Stability Committee of the european Central Bank and advisory technical Committee of the european Systemic Risk Board.

Mr. zakulis holds a Bachelor’s Degree in economics from the Stockholm School of economics in Riga and a Master’s Degree in Mathematical economics from the University of Latvia. He is also a CFa charterholder and holds a bachelor degree in Law from the University of Latvia.

MiLan kOVačnPL Working Group Coordinator, Ministry of Finance, Republic of Serbia

Mr. Milan kovač is currently the Coordinator of the nPL Working Group at the Ministry of Finance, as a part of the eBRD project. He worked previously as a Senior Researcher at the economics institute in Belgrade where he participated in a numerous domestic and foreign projects (Government of the Republic of Serbia, World Bank, OeCD etc) in the following areas: investment climate improvements, sector policy analysis (telecommunication, financial markets, energetic and water sector), national development strategy and eU accession strategy etc. He also worked as a fund manager and managing director of a pension and investment funds management companies in Serbia. Mr. kovač holds an international Master in Quantitative Finance (iMQF) degree from Faculty of economics, University of Belgrade and Portfolio Manager License issued by the Security exchange Commission.

VaneSSa kOCHPolicy Officer Financial Markets, austrian Ministry of Finance

Mrs. koch is a Policy Officer for Financial Markets of the austrian Ministry of Finance and has special-ized in the field of nonperforming loans. Since joining the Ministry, she has been the national delegate of the Council nPL Subgroup, the Commission nPL Working Party and of the current Council Working Party on the nPL-Package, which she will chair during the upcoming austrian presidency. Other than nPLs, her work program covers several eU related topics such as the eSas-Review, the FSC, Resolution Colleges and CMU related matters.

Prior to joining the austrian Ministry of Finance the General Secretariat of the Council of the european Union and the austrian institute for economic Research are ranked among her employers. Several visits abroad brought her to england and india inter alia. Mrs. koch studied Business administration and economics at the Vienna University of economics and Business.